Did you know that there is a Anti-flipping law? What does that mean? It means if you purchase a property as an investor and you want to flip it you have to wait 90 days BEFORE YOU can accept a contract for the property. It's across the board, conventional, FHA, and VA....
So be prepared to hold the property for 90 days... FYI
Here is some info. on the FHA regulation...
Below you will see my email from FHA in response to my phone inquiry. In the response, you'll see that they cite Handbook 4155.2. A search of HUD's website led me to the 466-page handbook. In Chapter 4, page 25 (4-25), the anti-flipping regulation is laid out. A specific answer to the question as to when the 90 days begins can be found at 4155.2 4.7.e, which is on the bottom of Chapter 4, page 26 (4-26) It is very clear that the 90 day clock begins ticking on the "Seller's date of acquisition as the date of settlement on the seller's purchase of that property, and re-sale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan."
Below is a link to the handbook. I've also attached a copy of the relevant page. FHA instructed me to have your UW call them if there is any uncertainty remaining.
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.2/41552HSGH.pdf
Passing along the information I get to my clients and YOU.....
Brochure & Free Stuff
FREE Relocation Information for DC OR MD courtsey of Coni Otto
Relocating and need information? I have just the packet for you. All I need for you to do is fill out the form at the bottom of this page and I will send it out to you today!
The packet will come separately but rest assured what ever you order you should get very soon.
What do you get? A packet with lot's of information about Maryland and you can choose from the following items:
These powerful CDs include hundreds of web sites for education, transportation, taxes, cost of living, healthcare, entertainment and community profiles. Just go to my website at http://www.ConiOtto.com and click on "RELOCATION" enter your name and address and I will be happy to send it to you..
CD Rom Area Guide:
 |
|
|
Greater DC Area Real Estate Agent Serving MD & DC - My Success is only Measured by the Success of my clients. My motto is "GET IT SOLD" Email me at Coni@ConiOtto.com, call me at 240-483-7556, text me
FORCLOSURE SPECIALIST - Call me today to see if we can help you KEEP YOUR HOME if that is what you want. I will show you your options in the hopes to help you with any foreclosure problems you may have. I work with Loss Mitigation Officer who can council you on keeping your home
REO Listing Agent - I work with banks listing homes that have been foreclosed on by the bank. Want to find out what houses I'm listing just check out my website. www.coniotto.com
Broker Price Opinion (BPO Agent) Work with banks to give an evaluation of what a home is worth based on the condition of the home compared to the homes that are selling in the neighborhood before it goes into foreclosure. This is the same process we use in a comparative market analysis to price homes to sell.
I enjoy helping people find that home that says "this is my home" and I truely believe that communication is key when working with customers, I will coach you every step of the way whether I am the Selling agent or the Buying Agent. When Coni Otto sold Leslie & Bev their dream home in Clinton, MD, one of the first things out of Mrs.Walkers mouth was "you have restored my faith in working with a Real Estate Agent!" In additon, here is what Jacob had to say in an email to me, just the other day: "Hello and Happy Holiday's Coni...I hope that all is well on your end. I'm looking for some assistance to invest in real estate, and you were the first agent that came to mind! My mom and I had a great experience with you this past year, so I immediately thought of you as a resource to contact!!!"
I also enjoy working with organizations to find properties with specific criteria. I work with companies who look for properties used for Assisted Living houses in suburban communities near public transportation and plenty of community activities (movies, shopping, restaurants). I would enjoy working with other companies looking for a Real Estate Agent who will search for specific properties with there specific criteria.
Working almost exclusively by referral, I pride myself with providing superior customer service. To date, 100% of every buyer that has ever bought a house using my services has referred someone to me. I looks at each client as personal friends and strive to develop long lasting relationship. I'm not afraid to meet new people and looks forward to making lifelong friends.
My business has been built by word of mouth and my clients keep coming back over and over again. In fact, one client in particular has bought 1 house and plans to buy 16 more from me! When asked about my clientele, my response is, "I have the best clients in the world! With a strong team backing up every detail, we're able to close almost every deal smoothly and confidently. My clients are so faithful in giving my name out and referring me constantly. Every week I am so blessed to receive numerous referrals and I'm honored to serve." Because of this attitude I have managed to become a recognized figure in the community. In fact, I was showcased in the WASHINGTON POST as a Top Producer for Long & Foster in the Real Estate Section of the newspaper for my work. Coni is the top producing agent at Long & Foster Real Estate, averaging over 15 closed transactions per year, and steadily maintains over 5 listings at a time. I'm proud to be a multi-million dollar producer, which has been my dream when beginning my career as a REALTOR®.
My passion for people and building relationships is also invested outside of the real estate field. I'm involved heavily in real estate investing and attends several "Meet up" groups per month. I'm Also a proud sponsor of the Laurel Boys and Girls Club in my community.
I can be described as a hard worker, a customer service expert, and an all around nice person. If you need someone to walk you through your real estate transaction hand in hand, or if you're an experienced investor or home seller, I am the woman for you. Working with all price ranges, I am happy to serve all types of clients. The best way to reach me is on my cell phone it is always on and you can reach me at (240) 483-7556. To Contact Coni: Cell Phone: 240-483-7556Office: 301-384-8700 x268Email: ConiOtto@yahoo.com
My background is in Customer Service and I enjoy making people happy and exceeding your expectations. In my office I am a Mentor for New Real Estate Agents, I am a Certified Rental Specialist, Relocation Specialist, Weichert Lead Network specialist, and a Top Producer in my office. I am working on several certifications, CRS (Certified Residential Specialist), E-pro Specialist, to name a couple. I like continuing my education to better serve my clients so I go to a lot of classes to stay on top of new laws and forms.
My expertise is in "People" - I love helping everyone, my clientele list is: Sellers, Buyers, First Time Homebuyers, builders, commercial sales, and relocators. My experience and location has allowed me to help a variety of customers which only enhances my abilities to help my exsisting customers as well as my future customers.
FORCLOSURE SPECIALIST - Call me today to see if we can help you KEEP YOUR HOME if that is what you want. I will show you your options in the hopes to help you with any foreclosure problems you may have.
Oh and by the way if you know anyone buying, selling, or investing in Real Estate, I am never to busy for your referrals.
<!-- Beginning of meebo me widget code. Want to talk with visitors on your page? Go to http://www.meebome.com/ and get your widget! -->
http://www.Homesdatabase.com/coniandDavid
http://www.CallConi.com
http://www.soclink/Thanks4yourbiz
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
